Santa Cruz California Real Estate Market
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This is an overview of the Santa Cruz California real estate market. It is intended as a resource for investors and other home buyers when researching Santa Cruz homes for sale. Especially if you are intending to be a landlord, it is important to know about what rents people can afford, where they want to live and where the jobs are.DISCLAIMER The information is compiled from multiple sources but we cannot guarantee their accuracy. It will be updated every 3 months, however, some of the sources drawn from may be a few years older. Last updated 10/31/09/13/10I> OVERVIEW Santa Cruz is located at the northern end of Monterey Bay on the California coast, south of San Francisco in Santa Cruz County. It's not only a university town, but a beach town as well. The Santa Cruz Mountains are close by with all the redwood trees. The area code is 831 and the zip codes include 95060, 95061, 95062, 95063, 95064 and 95065. The town covers around 12.5 miles, with about 4414 people per square mile. Population ranges around 55,000. (This doesn't count undocumented workers in the area).
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MEDIAN HOME PRICE Prices for Santa Cruz California real estate are way down from 2 years ago. The median home sales price is now around $486,000 according to Zillow and $656,000 according to Cyberhomes. PROPERTY TAXES $3996 for a median home. RENTS The median gross rent is $1357. For a 3 bedroom house it's about $2300-2500. RENTERS VS. HOMEOWNERS Around 50% renters with 6% of homes vacant. MEDIAN HOUSEHOLD INCOME $90,000 COST OF LIVING The cost of living in Santa Cruz is considerably higher than the rest of the country. THE HOUSES The majority Santa Cruz California real estate houses were built from 1940-1960, with the next largest group built before 1940, and the third largest group built in the 1970's. Only 1% of houses were built in the last 10 years. Three fourths of homes use gas utility, while the rest use electric. JOBS The unemployment rate is 10.5% as of January 2009. This is much higher than the norm due to the economy. The main industries are educational services, sales and office, professional, and service. Unemployment is 16.6% as of February 2010. COMMUTING The majority of commuters take 5-19 minutes to get to their job, with about a third overall taking under 10 minutes. The average for everyone is around 25 minutes. San Jose is the nearest big city (population around 900,000), 25 miles away from Santa Cruz California real estate. About 53.6% of workers work right in Santa Cruz. THE PEOPLE Most of the people who live here are either urban singles and college educated, middle class suburbans who speak a foreign language, or college students (UC Santa Cruz is a big part of the town). Approximately 38% of the people are married and 11% are divorced. 45% have never been married. About 15% of people are foreign born. Ethnic makeup is approximately 72% white, 1.7% black, 17% hispanic (of any race), 3% Asian and 9% other. Most of the ancestries are German, English, Irish and Italian. Of the 15% foreign born residents, they are 7.8% from Latin America, 3.2% from Asia and 3.2% from Europe. EDUCATION 89% of people have a high school degree or higher, while 17.5% have a graduate or professional degree. THE WEATHER The average year round temperature is 57 degrees Fahrenheit with about 31 inches of rain annually. Summers rarely get over 74 degrees, and winters rarely get below 39 degrees. You can expect about 262 sunny days per year. CRIME Crime is rated a 6 out of 10 (the highest). (the U.S. is at a 3 average.)
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